The EIU view

The re-imposition of US sanctions, in August and November 2018, will enforce the need for a less open economy, while fears of regime-threatening widespread unrest as economic conditions worsen are likely to lead to tighter social conditions. Given their long-standing opposition to the US, the hardliners will strengthen their grip over the economy. Economic activity will suffer from severe tight financial conditions, and efforts at unifying the dual currencies are likely to fail.

The Iranian year begins on March 21st, and contains 31 days in each of the first six months, 30 days in the next five months and 29 in the 12th month (30 in every fourth year). The system relates to the Prophet Mohammed's flight from Mecca in 622 AD, but, unlike the Islamic calendar, follows solar years. The Gregorian equivalent can be found by adding 621 years to the Iranian date. The Iranian year 1392 began on March 21st 2013

CURRENCY:

Rial (IR); IR10 = 1 toman. (Although all government statistics are given in rials, in conversation Iranians refer to tomans.) The multiple exchange rate was replaced by a single floating rate at the start of fiscal year 2002/03; IR29,011:US$1 (2015 average)

TIME:

3.5 hours ahead of GMT

Many holidays are religious and based on the Islamic year. Exceptions include New Year (Nowruz) celebrations (March 21st‑24th)